I have been thinking about this a lot lately as well. I don't think there is any way to use bitcoin at scale without internet. You can do some stuff on lightning with a mesh network but that would still require electricity. You can rely on peer-to-peer marketplace with physical goods but once the number of social connections within a "tribe" or society is greater than Dunbar's number (https://en.wikipedia.org/wiki/Dunbar's_number), you will need something to authenticate payments between 2 or more parties that do not know each other. I don't think that is possible at scale without bitcoin.
I think the closest you can ever get to physical tender is something like an OpenDime or the new SatsCard which enables you to load a balance with a single on-chain transaction and then unload it with another single on-chain transaction and it can be transferred by hand a countless number of times as anonymously as cash. In the unfortunate event that the device is lost, stolen, destroyed, etc, the bitcoin on the device are considered burnt.
I don't think there is any way for bitcoin to function as a global peer-to-peer electronic cash system without a global electronic information communication system; the internet.
Topic: I look forward to the day Bitcoin will have backer/tender - page 2. (Read 290 times)
I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?
Sadly there is no way to go round this. The idea of paper money will defeat some of the advantages of bitcoin and will just make it not different from the fiat currency. If you observe it is the printing of this paper money say excessively that has contributed to the devaluation of the fiat money and should bitcoin adopts this method then it will certainly loses the store of value asset that is. Also again paper money will require something like a bank where it is issued and this will certainly be done physically not minding the KYC protocol that would be involved and this process will certainly defeat the sole purpose of bitcoin which is total decentralization.
Your idea is nice, but something similar is already working in the form of Bitcoin debit cards. Many people who have no access to internet can easily use the ATM machines that accept Bitcoin cards and they can safely withdraw their money without even dependence on internet. It's still a nice idea and if someone works on it then things will be much easier for people who use Bitcoin.
Yes the bitcoin ATM will actually do the work but OP is looking for a way in which when the internet is down bitcoin can be use and without the internet I think even the ATMs will be out of service (I stand to be corrected). Also the bitcoin ATM is just a means to transact using bitcoin when you gadget is not around but who issues the card? More so the ATM somehow also reduces the total decentralization, because one need to use the ATM physically and this exposes the user.
Your idea is nice, but something similar is already working in the form of Bitcoin debit cards. Many people who have no access to internet can easily use the ATM machines that accept Bitcoin cards and they can safely withdraw their money without even dependence on internet. It's still a nice idea and if someone works on it then things will be much easier for people who use Bitcoin.
I also agree that Satoshi has given us this amazing innovation and has left it in our hands, and now its betterment depends on us that how can we further improve this thing. I know that due to ordinals there are some issues in transactions these days, but the dev community is working very hard to find a solution.
I also agree that Satoshi has given us this amazing innovation and has left it in our hands, and now its betterment depends on us that how can we further improve this thing. I know that due to ordinals there are some issues in transactions these days, but the dev community is working very hard to find a solution.
Bitcoin has a good project supporting it and the decentralization of the network is best in the crypto space. Satoshi has left everything in our hands, it's left to us to think and determine the future development of the network. As people are trying to develop the core, the backers offline will be a game changer in my thought.
Bitcoin is more decentralized then altcoins. There are always whales in either Bitcoin or altcoins but with Bitcoin, less centralized power from whales then with altcoins.Altcoins always have backers behind because they have to raise funds from community with ICO, IDO, IEO ... Those backers, venture capitals used to be considered as important indicator for quality and success of on altcoin project. In fact it is not true and collapses of Terra, Three Arrows Capital, Voyager, FTX and more in the last two years are very good reminders and examples for altcoin investors that Backers don't bring guarantee to quality of one altcoin project.
I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?
That idea is very interesting and addresses a potential challenge for Bitcoin and also other type of cryptocurrencies. Cryptocurrencies and Bitcoin are like always relied on the internet for transaction verification and communication, there have been discussions and developments in creating offline solutions or alternative methods for transacting. These physical bitcoins or crypto tokens can take various forms such object that hold the cryptographic keys necessary to access the digital funds. Introducing physical representations introduces elements of centralization, counterfeiting risks, and potential security vulnerabilities.
Bitcoin has a good project supporting it and the decentralization of the network is best in the crypto space. Satoshi has left everything in our hands, it's left to us to think and determine the future development of the network. As people are trying to develop the core, the backers offline will be a game changer in my thought.
I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?
With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.
It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.
I thought of it today that if banks have issues with their network, this will certainly bite but people will continue to transact with their paper money. What about bitcoin when there is no internet network?
With this suggested initiative, people can transact even when their gadget is not available. This is a huge issue that got me thinking if there could be possibility of having a note or any tenders in place offline in which the holders can later scan with their gadget and get their value credited when power and internet is later restored. It could be a coded paper or precious material depending on the value of BTC in it.
It might be a huge project in the future, much might not be said of it now and people might think it is not even necessary, but it will do a lot more in adopting it and having more access to it when power and internet is fails.
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